"Account Protector" from sneaky credit card company

[freeradical]

I just got this "offer" from American Express, even though I do not carry a balance with them. They want me to sign up for this service.

Here are the details:


* Helps make payments on your behalf if you experience any of 14 eligible events, including job loss and disability
* Helps keep your enrolled American Express® Card in good financial standing and helps protect your credit score
* Costs 85 cents per $100 of your monthly statement balance


So, what this would do is raise the effective annual interest rate by 10.2%.

I'm sure that Clark Howard has spoken about this scam.

[Acer]

Been getting that come-on from all my credit cards for 20 years.:oldfogey: Outrageously expensive insurance. All it makes is minimum payments, barely touches the balance, while interest accumulates at the usual obscene rates.

[ka jowct]

If a credit card issuer offers you a "deal", it is for their benefit, not yours. I'm very tired of receiving balance transfer offers. And the "rewards" programs are nearly always pathetic. Citibank used to offer some decent ones (one card I had in the mid-90s allowed me to accumulate points for the purchase of Apple products, another I had more recently gave cash back, 2-5% of purchases), but not anymore.

[Speedy]

Redundancy.

> sneaky credit card company